The Ultimate Guide to Adding Value to Your Home
What type of work should you carry out to add value to your home? Can you get away with a few DIY touch-ups here and there? Or do you go down the full renovation route? Then again, maybe your home doesn’t need redecorating but could do with an extension, such as converting the loft or adding a conservatory.
Maybe you don’t even need to lift a finger, and your home will increase in value because its postcode suddenly becomes a unique location. Or perhaps new infrastructure, such as a hospital, is constructed and increases the area’s overall value.
There are many ways for homeowners to maximise their home’s value, whether it requires spending a little, a lot or nothing at all. In this ultimate guide, we’re looking at the best ways to add value to your home so that you can make an informed decision about maximising your home’s sale price.
Can your neighbours add value to your home?
Who would have thought that having excellent neighbours can increase the value of your home? Well-kept neighbouring properties can increase your own home’s value by as much as 12%, so it’s worth investing in the idea of community.
If your next-door neighbours take pride in their property, there’s every chance that it will benefit your home. Alternatively, poorly-kept neighbouring houses can have an adverse effect on your property and decrease its value.
Other factors come into play too, with a neighbourhood’s overall reflection affecting the value of its homes. If there are more job opportunities in the area, you’re likely to see an increase in property values. Likewise, amenities, sought-after schools and low-crime rates also contribute to higher home values.
Home improvements that add value
When exploring how to add value to your home, one of the most common thoughts that comes up is that of home improvements. From all-out renovation jobs to structural changes, these fixes can be costly but can also increase the value of your home significantly.
Making structural changes, fixing things like a leaky roof, bulging walls and checking for rising damp can all have an impact on your home’s value. Start by getting a surveyor to look at your home and act on their recommendations.
If, however, you’re looking for aesthetic changes, going down the house extension route can increase the value of your home by 23%. A new bathroom can add up to 25% to the home’s value, while a loft conversion can add as much as 20% to your property’s value.
Should you have a downstairs bathroom?
Who likes going up three flights of stairs to use the toilet when they’re desperate to go? Certainly not us. But while having a downstairs toilet comes in handy, what happens when the main family bathroom is located on the ground floor of your home?
According to research, having your family bathroom downstairs can wipe as much as £13,500 off the value of your home. Almost half of the home buyers in the UK said having only a downstairs family bathroom would put them off buying a home.
However, if your main bathroom is downstairs, don’t go calling the builders in to resonate just yet. Some people prefer having easy access to a ground-floor bathroom. Older adults or those with disability issues often opt for a bathroom on the ground downstairs as they spend most of their time on the lower floors.
What are the best DIY hacks for adding value?
Adding value to your home without breaking the bank is possible, especially if you only do a few touch-ups here and there around your home. Start by giving the walls a new lick of paint. Doing this can really add a fresh feel to your home, and it doesn’t require a substantial financial outlay.
You can also spend some time in the great outdoors, sprucing up your front and back garden to give your property extra kerb appeal. Thinking up fun ways to add extra storage around the home will increase the amount of space you have while boosting its value by small increments.
And who says you need to renovate your bathroom completely? Instead, why not add a few minor touches, such as a vanity mirror or new shower screen. Lastly, think about the lighting in your home and how you can make it more appealing with modern lampshades and different lighting effects.
Does my home’s proximity to a hospital affect my home value?
Sometimes you don’t even need to lift a finger to increase your home’s value. Structural changes in your neighbourhood that you have no control over could lead to your property’s sale value increasing.
Take hospitals, for example. Being located near a hospital is beneficial, especially if you need one in an emergency. Therefore, well-ranked hospitals tend to increase the house prices of nearby homes. However, hospitals with poor reputations can have an adverse effect.
The average house price near one of the UK’s top-ranking hospitals is over £350k, whereas home values near poorly performing hospitals average £37k less than the UK national average of £231k. Good-quality hospitals are known to increase local house prices by as much as an impressive 45%.
Can TV locations increase my home’s value?
They say that where you live is all about location, location, location – and that’s especially true when it comes to filming movies and TV shows. That’s right; your home’s value could increase if a series or film comes to town.
Recent studies show that living in the area of a popular TV location can add as much as £42k to the value of your home, which works out as an increase of about 18 percent when using the UK national average.
So, the next time you’re watching your favourite TV show or movie, have a think about your neighbourhood. Could it be ripe for a TV series location? And if you already live in a location where a TV show or movie was filmed, your home could be worth more than you think.
Do south-facing gardens increase the value of your home?
Picture the scene: you wake up in the morning, stroll downstairs and draw back the curtains to reveal the sun is beaming in from the garden. It’s time to catch some rays. But while you’re lying in your outside space and soaking up the sun, could your home increase in value?
Unfortunately not, as research shows that having a south-facing garden might see you benefit from the natural light that you receive in your home, but it doesn’t add any specific value to the property. The only gains you can expect are around 0.37%, which is hardly anything at all.
Living opposite a river, however, can increase the value of your home. Properties that enjoy sweeping river views can command up to 9% more than other homes in the area that don’t enjoy waterside views.
When should you sell home?
Every homeowner wonders if there’s a sweet spot for when they should put their property on the market, whether it’s winter, spring, summer or autumn. While there’s no de facto time to sell your home, choosing the right season can give you small wins.
Spring, for example, is generally accepted as the best time of year to sell a home. Properties tend to look their best during the spring months, it’s the first time of the year when the sun comes out, and there aren’t as many holidays during easter as there are in the summer.
The first months of summer can also prove to be busy, as can the autumn. Winter is more of a mixed bag, however. The holiday season and new year often see people focusing more on festivities than buying, but that doesn’t mean that no one buys during this time of year. Selling your home is less about seasons and more about your personal needs to get your property on the market.